In these changing times, real estate owners can no longer count on huge earnings on their properties. Property owners and investors are leaning towards real estate project development to help them obtain some capital growth on their assets.

They are teaming up with civil engineering firms, like Godfrey-Hoffman & Hodge in Connecticut, in organizing plans to develop their real estate projects.

Real estate project development is a very tough competitive market. It requires a significant amount of financial investment as well as a deep understanding of project management and zoning laws. However, real estate project development is an exceptionally rewarding business endeavor for entrepreneurs who possess the proper skills and resources needed to be successful in this market.

What is Real Estate Project Development?

Real estate project development can be simply defined as developing an existing real estate property for the purpose of generating income. It involves financing, developing, constructing and renovating industrial, commercial and residential estates.

The 5 Types of Real Estate Development in Connecticut:

Retail Development

These projects are generally appropriate for shopping functions with modern day outfitting, acceptable accessibility and visibility and adequate parking facilities. The occupiers will likely be tenants, merchants and purchasers.

Residential Development

This involves the construction or renovation of structures intended for residential use. The main occupants are families and individuals.

Commercial/Office Development

These projects are generally appropriate for commercial and office use. The occupiers will likely be companies and business professionals.

Industrial Development

This involves the construction or renovation of buildings and structures for industrial use. The occupiers will likely be manufacturers and industrialist.

Mixed-Use Development

These generally are projects that combine two or more types of real estate development for the purpose of increasing the marketability of the property. Common examples of Mixed-Used development are commercial and residential buildings which cater to both commercial/office and residential customers.

Civil engineering and Real estate project development skills are vital to succeed in this market. Proper planning, analysis, survey and construction are needed to guarantee growth in the income of your real estate properties.

Key Takeaway:

• Real estate project development can be simply defined as developing an existing real estate property for the purpose of generating income.

• Real estate project development is a very tough competitive market. It requires a significant amount of financial investment as well as a deep understanding of project management and zoning laws.

• The types of real estate development are Retail, Residential, Commercial/Office, Industrial and Mixed-used development.